By unanimous vote, the minutes of the meeting of the Federal Open Market Committee held on January 31-February 1, 1995, were approved.

By unanimous vote, responsibility for making decisions on appeals of denials by the Secretary of the Committee for access to Committee records was delegated under the provisions of 271.4(d) of the Committee's Rules Regarding Availability of Information to Ms. Phillips and, in her absence, to Ms. Yellen.

By unanimous vote, the Committee elected Thomas C. Baxter, Jr. as Deputy General Counsel from the Federal Reserve Bank of New York and William C. Hunter as Associate Economist from the Federal Reserve Bank of Chicago to serve until the next election at the first meeting of the Committee after December 31, 1995, with the understanding that in the event of the discontinuance of their official connection with the Federal Reserve Banks of New York and Chicago respectively, they would cease to have any official connection with the Federal Open Market Committee.

On January 12, 1995, the continuing rules, regulations, and other instruments of the Committee had been distributed with the advice that, in accordance with procedures approved by the Committee, they were being called to the Committee's attention to give members an opportunity to raise any questions they might have concerning them.

Members were asked to indicate if they wished to have any of the instruments in question placed on the agenda, and no requests for substantive consideration were received. Apart from the updating of the Manager's title, all of the instruments identified below remained in effect in their existing forms: